H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act, was signed into law today. Appropriating $484 billion in relief for the COVID-19 outbreak, it provides additional funding for small business loans, healthcare providers, and COVID-19 testing.
The Small Business Administration (SBA) has been unable to accept new applications for the Paycheck Protection Program or the COVID-19 related Economic Injury Disaster Loan (EIDL) assistance program (including EIDL Advances) because Coronavirus Aid, Relief, and Economic Security Act funding was exhausted. The Paycheck Protection Program and Health Care Enhancement Act provides that much-needed funding.
Key appropriations for SBA include:
- $310 billion for commitments for the Paycheck Protection Program,
- $2.1 billion for salaries and expenses to administer programs related to COVID-19,
- $50 billion for the EIDL program, and
- $10 billion for Emergency EIDL grants.
Additional Resources on the Paycheck Protection Program
- Do You Meet the Unique Eligibility Requirements for a Paycheck Protection Program Loan?
- Senate Passes Historic COVID-19 Stimulus Package: Billions Set Aside for Small Businesses
- COVID-19 Small Business Guidance & Loan Resources from SBA
- Resources for CARES Act Assistance to Small Businesses from the Department of the Treasury